By Oliver Smith on Friday 11 September 2020
Users can now wire gold to each other directly through the Glint app.
The new feature will let users send amounts of gold directly to each other, all within the Glint app.
"Glint's P2P technology enables gold, trusted globally, to be used as money in electronic payments beyond the existing fiat money system; it frees us all from the whims of government-issued currencies,” said Glint CEO and founder Jason Cozens.
Glint said it was targeting the feature towards those looking to protect their finances “from the associated risks inherent in highly leveraged banks, currency debasement and government debt.”
Cozens added: “as we have seen during Covid-19 there is no limit to how much paper money a government can put into circulation and run up in debts. With Glint you can help protect yourself and your family from future losses in the value of paper money.”
The team at Glint have developed its peer-to-peer payments platform entirely in-house, rather than outsourcing the payments to a third-party.
Glint is among a group of gold trading apps that have thrived in the face of soaring demand for safe havens as the world faces a new global recession.
Back in March during the first days of the global Covid-19 lockdown Cozens said: “sales are going through the roof. We are breaking records everyday.”
The price of gold has similarly soared, from around £1,151 at the start of 2020 to well over £1,500 today.